The Reserve Bank of New Zealand held its official cash rate (0CR) at a record low of 0.25% during its July meeting but decided to halt additional asset purchases under the Large Scale Asset Purchase programme by July, 23th. Policymakers said some monetary stimulus remains necessary but its level could be reduced to minimize the risk of not meeting consumer price and employment objectives over the medium-term. They reiterated there will be near-term spikes in CPI inflation in Q2 and Q3, amid factors that are either one-off in nature or expected to be temporary. The committee agreed that more persistent consumer price inflation pressure is expected to build over time. The board added recent data indicate the economy remains robust despite the ongoing impact of international border restrictions. Aggregate economic activity is above its pre-COVID-19 level, with household spending and construction output at high levels. source: Reserve Bank of New Zealand
Interest Rate in New Zealand averaged 6.93 percent from 1985 until 2021, reaching an all time high of 67.32 percent in March of 1985 and a record low of 0.25 percent in March of 2020. This page provides - New Zealand Interest Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. New Zealand Interest Rate - data, historical chart, forecasts and calendar of releases - was last updated on July of 2021.
Interest Rate in New Zealand is expected to be 0.50 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Interest Rate in New Zealand to stand at 1.00 in 12 months time. In the long-term, the New Zealand Interest Rate is projected to trend around 1.50 percent in 2022 and 2.00 percent in 2023, according to our econometric models.